SOCAR-Turcas: Azerbaijan ranks first for investments in Turkish economy (PHOTO)

Azerbaijan, Baku, Nov.28 / Trend, A. Akhundov /

Over the past 10 years, Turkish investments in Azerbaijan's economy reached $2 billion, Deputy Economic Development Minister Sevinj Hasanova said at the Azerbaijani-Turkish business forum in Baku on Monday.

"About a thousand Turkish companies operate in many sectors such as agriculture, energy, financial services, tourism, real estate and others in Azerbaijan. In particular, there are five banks with Turkish capital," Ms Hasanova said.

She went on to say that about $100 billion has been invested in Azerbaijan's economy, of which more than half comes from foreign capital.

"In terms of foreign investments per capita, Azerbaijan ranks first among the CIS countries, "she added. Around 850 Azerbaijani companies operate in Turkey resulting in an investment volume of $4.5 billion.

According to the CEO and joint managing director of the Joint Venture SOCAR-Turcas and Petrochemical Holding Petkim Kenan Yavuz,, Azerbaijan, represented by the State Oil Company of Azerbaijan (SOCAR), ranks first in terms of investments in Turkey.

"As a result of SOCAR-Turcas's work on further construction of the new Azerbaijan-Turkey gas pipeline Trans Anadolu in Turkey and other activities carried out by the firm in Turkey, Azerbaijan ranks first in terms of investments in this country," Mr Yavuz said.

He said that in 2023 SOCAR-Turcas's investments in the export-industrial area in Izmir will reach $10 billion.

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